BofA lowered the firm’s price target on Entergy to $94 from $107 and keeps a Neutral rating on the shares. The firm lowered its target due primarily to the unfavorable mark-to-market with utilities sector significantly de-rating and contends the shares are “appropriately valued at a discount to peers given the magnitude and length of regulatory uncertainty.” The firm cites the protracted nature of contentious Louisiana and Federal proceedings and thinks “there is little latitude for unfavorable outcomes without dilutive balance sheet repair,” the analyst added.
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